The fast-growing chicken chain Dave’s Hot Chicken is now owned by the same private equity firm behind Subway and Dunkin, Rock CAPTAY announced a deal Monday that values ​​Dave’s Hot Chicken, about $1 billion as it strengthens its global expansion plans.

Currently, Dave’s Hot Chicken operates 310 locations, but has sold its rights at over 1,000 franchise locations in the U.S., the Middle East and Canada. It plans to open more than 155 restaurant locations this year.

CEO Bill Phelps, formerly Wetzel’s pretzel and Blaze Pizza, began working with the brand in 2019, investing about $2 million in Dave’s Hot Chicken. The brand was founded in 2017 by three friends at East Hollywood parking lots and saved $900.

"Our time was really good," Phelps said in an interview with CNBC on Monday. "The product was crazy...but then we had a team that built these other businesses, Wetzel's pretzels and Blaze Pizza, ... () franchisees are working very fast in building restaurants, really very fast."

All selected franchisees have other chains such as Dunkin', Wetzel's Pretzel or Blaze Pizza.

The brand has 1.8 million followers on Instagram and 1.8 million followers on Tiktok. Phelps calls it a “unicorn” because confidence in U.S. consumers still challenge their food chain peers due to uncertainty around tariffs.

As Roark Capital continues to strengthen its portfolio of food brands, so does Dave’s hot chicken.

In August 2023, Roark Capital purchased the sandwich subway chain for about $9.6 billion, and its current investments include Inspire Brands (including Arby's, Baskin Robbins, Baskin Robbins, Buffalo Wild Wings, Dunkin', Dunkin', Jimmy John's and Sonic), as well as the focus brand owning Annie Anne Anne Anne's Pretzels and Jamba juba and Jamba Juice. Other investments include Moe's and Carl's Jr.

Read more: Best Credit Cards for Restaurants

Roark Capital currently has $40 billion in managed assets.

Dave’s one-meal hot chicken price point is over $10 on the New York market, comparable to the rising chicken dress-raised cane and other fast-casual players.

In the first quarter, the Mediterranean-inspired chain Cava currently has 382 locations and was listed in June 2023, reporting a 10.8% increase in same-store sales in the first quarter. Salad Chain Sweetgreen (SG), which operates 251 locations in the U.S., saw sales of the same store declined 3.1% in the first quarter. Sweetgreen has 251 locations, only in the United States.